You are on page 1of 6

c 

?
   ??
The Directors have pleasure in presenting the 20th Annual Report
together with the audited accounts of the company for the year ended
31 March 2010.

I. FINANCIAL HIGHLIGHTS:

The Performance of the Company for the financial year ended 3 I March
2010 is summarised below:

(Rs. in Lakhs)

Particular 2009-10 2008-09

Income from Operations 21649.66 17142.62

Profit before Interest, Depreciation


and Tax (PBIDT) 7057.12 5351.94

Interest including Finance Expenses 462.45 379.04

Depreciation 1565.89 795.01

Profit before Tax (PBT) 5028.79 4177.88

Provision for Taxation including


Deferred Tax 1089.84 868.00

Profit after Tax (PAT) 3938.95 3309.89

Balance brought forward from previous


year 7150.61 4110.19

Amount Available for Appropriation 11089.56 7420.08

Appropriations:

Proposed Dividend 207.88 157.67

Dividend Tax 35.33 26.80

General Reserve 200.89 85.00

Balance Carried Forward to Balance


Sheet 10645.46 7150.61

II. REVIEW OF PERFORMANCE

a. Operating Results:

Your Company continued to achieve strong and desired growth in the


financial year 2009-10 into international as well as domestic markets.
In the current slowdown where companies were looking at reducing costs,
your Company offered its customers a solution that can help them to
reduce the costs substantially and this has helped your Company to post
a healthy growth rate in spite of the current economic downturn. It has
also helped your Company to renew most of the contracts with existing
customers.

During the Year, your Company achieved Income from Operations amounting
to Rs. 21649.66 Lakhs as compared to Rs. 17142.62 Lakhs in the previous
year thereby recording an increase of 26.29%. The Net Profit after tax
(PAT) for the year was Rs. 3938.95 Lakhs as compared to Rs. 3309.89
Lakhs in the previous year, thereby an increase of 19.01%

b. Financing Cost:

The Finance Cost has increased by Rs. 83.41 Lakhs as compared to the
previous year, which is mainly due to raising of additional working
capital facility for covering up the increase in Gross Sales.

III. DIVIDEND

Your Board of Directors recommend Dividend @ 15% i.e. Rs 1.50 per


equity share for the year ended 31 March, 2010. Dividend as recommended
if declared will absorb Rs. 207.88 Lakhs for the payment to the
shareholders and Rs. 35.33 Lakhs as Corporate Dividend Tax.

IV. FIXED DEPOSITS

Your company has not accepted or invited any deposits from the public
during the year.

V. SUBSIDIARY COMPANIES

The Company has the following 3 subsidiaries as on 3 I March, 2010:

1. Omnitech Technologies Inc. USA

2. Europe Omnitech Technology Services B.V, Netherlands

3. Omnitech Services Pte. Ltd., Singapore

As required under the provisions of Section 212 of the Companies Act,


1956, a statement showing the holding companys interest in the
subsidiary companies forms part of the Annual Report.

The operational performance of the Subsidiaries during the year has


been as per the projections anticipated by your company.

VI. CONSOLIDATED FINANCIAL STATEMENTS

Your Directors have pleasure in presenting Consolidated Financial


Statements which form part of the Annual Report.

VII. STATUS OF UTILISATION OF FUNDS RAISED IN PUBLIC ISSUE

Status of utilization of Funds raised by your Company in Public Issue


as on 31 March, 2010 forms part of Notes to Accounts.

VIII. QUALITY
Your company recognizes quality as an important differentiator in
industry. Therefore, it has well defined stringent quality standards
with customer focus and management commitment and involvement across
hierarchies. During the Year, your company has been certified for ISO
9001:2008. ISO 9001:2008 Certification reflects that your company has
well defined Quality processes and procedures in place, which lead to
total customer satisfaction as regards Quality Management.

Further, your company is on the way to get certified for the following
Certifications:

(a) ISO 20000:2005 Certification - reflects the level of best practices


followed by the Company in relation to IT Service Management.

(b) ISO 27001:2005 Certification - reflects that the Company has well
defined Internal Security Management System thereby maintaining high
level of Confidentiality of Customer Data.

(c) BS 25999:2007 Certification - reflects the resilient infrastructure


possessed by the Company in relation to Business Continuity Management.

IX. HUMAN RESOURCES

Your companys HR policies and processes are aligned to effectively


drive its expanding business and emerging opportunities. This has been
achieved by continuously investing in learning and development
programs, creating an employee-friendly work environment, empowering
employees at all levels and maintaining well-structured reward and
recognition mechanisms. Your company recognizes its employees as Key
Assets and strives to retain and attract them.

company employed a total 872 employees as on 3 I March, 2010. During


the year, your company took various initiatives to help the employees
grow their career. During the year, your company organized various
Learning and Development programs for its employees such as Conflict
Management, Inter-departmental Communication Skills etc.

During the year, your Company constituted two forums among the
employees Viz., Key Managerial Personnel (KMP) and Rising Star Forums.

The objective behind the constitution of these two forums was to


provide the employees a platform to interact and discuss various ideas,
suggestions relating to companys operations, which will ultimately
help the employees to improve their communication skills and also give
them opportunity to actively participate towards the growth of the
Company.

During the year, your company launched Omnitech Employees Stock Option
Scheme, 2009 to reward the talented employees. During the Year, your
company organized Dusshera Puja, Holi and various sports events and
small get togethers to combine fun with work.

Your company has approached various top notch B Schools, technical


schools and colleges across the country. Today the company is one of
the preferred places to work for professionals across the country.
X. AWARDS & RECOGNITIONS

During the year, your Company was awarded with the following:

1. Best SME for Corporate Governance 2009 from Business Today

2. Deloitte Technology Fast 500 Asia- Pacific 2009

3. Deloitte Technology Fast 50 India 2009

4. The Channel World Premier 100 Awards-2010

5. Specialty Continuity Recovery Company of the year 2009 award from


BCI - UK

6. Microsoft Best Breath Partner Award- 2009-10

XI. CORPORATE GOVERNANCE

A report on Corporate Governance along with Auditors certificate on


compliance with the conditions of Corporate Governance as stipulated in
clause 49 of the listing agreement, is provided elsewhere in the Annual
report.

XII. CORPORATE SOCIAL RESPONSIBILITY

Your Company believes that society is one of its important stakeholders


and approaches its social responsibility as a corporate citizen.
Reaffirming its role as a contributing member of the social and
economic milieu it occupies, the Company aligns its business operations
with social values. As a responsible corporate citizen, the Company is
committed to extend its hand in areas of education, healthcare, etc to
the under privileged people. During the year, your company participated
in various forums for creating awareness for Disaster Management. Your
Company continued to distribute booklets containing guidelines on how
to act in case of emergency. As a part of Corporate Social
Responsibility, your company organised Eye Testing Camp for employees
and their families.

XIII. DIRECTORS

In terms of the Articles of Association of your Company, Mr. Avinash


Pitale, Executive Director and Mr. Devarshi Buch, Executive Director of
your Company retire at the forthcoming Annual General Meeting and being
eligible, offer themselves for re-appointment. Brief Resume of the
Directors proposed to be reappointed, nature of their expertise in
specific functional areas, the names of the Companies in which they
hold Directorships & memberships/chairmanships of Board Committees and
their shareholdings in the Company, as stipulated under Clause 49 of
the Listing Agreements with the Stock Exchanges in India, are provided
in the Notice of Annual General Meeting.

XIV. AUDITORS REPORT

The observations made in the Auditors report are self explanatory and
therefore do not call for any further comments under Section 217(3) of
the Companies Act, 1956.
Your Directors request you to appoint Auditors for the Financial Year
2010-11. In this regard, attention of the Members is invited to Item
No. 5 of the accompanying Notice convening forthcoming Annual General
Meeting.

XV. STATUTORY INFORMATION

The particulars relating to energy conservation, technology absorption,


foreign exchange earnings and outgo, as required to be disclosed under
section 217(1)(e) of the Companies Act, 1956 read with the Companies
(Disclosure of continued Particulars in the Report of Board of
Directors) Rules, 1988, are set out in the Annexure A to this report.

As required by the provisions of Section 217 (2A) of the Companies Act,


1956 as amended, read with the Companies (Particulars of Employees)
Rules, 1975, the names and other particulars of the employees are set
out in the Annexure B to this report.

As required by SEBI (ESOP & ESOS) Guidelines, 1999, the relevant


disclosure is set out in the Annexure µC to this report.

XVI. DIRECTORS RESPONSIBILITY STATEMENT

Based on representations from the Management, the Directors state, in


pursuance of Section 217 (2AA) of the Companies Act, 1956, that:

(a) the Company has, in the preparation of the annual accounts for the
year ended 3 I March 2010, followed the applicable accounting standards
along with proper explanations relating to material departures, if any;

(b) the Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company as at 3 I March 2010 and of the profit of the Company
for the financial year ended 3 I March 2010;

(c) the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities; and

(d) the Directors have prepared the annual accounts on a going concern
basis.

XVII. ACKNOWLEDGEMENTS

Your Directors take this opportunity to thank all the Shareholders,


Customers, Vendors, Bankers, and Regulatory & Government Authorities
for the strong support that they have continued to extend to your
Company.

The Board also take this opportunity to place on record its


appreciation of the outstanding performance and dedication of your
Companys employees at all levels, without whose commitment the
achievement of results as indicated above could not have been possible.
By Order of the Board of Directors
Omnitech InfoSolutions Limited

Sd/- Sd/-
Place : Mumbai (Atul Hemani) (Avinash Pitale)
Date : 18.05.2010 Managing Director Executive Director

You might also like